Egypt, world bank sign $3bn loan deal

Egypt signed on Saturday an agreement with the World Bank on getting a 3-billion-dollar loan to be paid over three years, the cabinet said.

Egypt will get one billion dollars within the framework of the loan to implement a comprehensive economic and social development program, Cabinet Spokesman Hossam Qawish said.

Premier Sherif Ismail said the loan is meant to serve the government's efforts to implement its economic program as well as national projects which aimed at securing jobs and improving people's standards of living.

Egypt will get the loan at a 1.68-percent interest rate and with a five-year grace period. The loan will be paid in 35 years, International Cooperation Minister Sahar Nasr said.

Nasr noted that the World Bank has doubled Egypt's portfolio to stand at 8 billion dollars; 3 billion dollars to support the state budget, three bullion dollars for infrastructure and development projects and two billion dollars for the private sector.

This falls within the framework of new partnership between Egypt and the World Bank from 2015 to 2019.